Continental Grand Plaza II is Fully Leased with Signing of BroadVision
11/09/2000 Category: Leasing and Development
Leading E-commerce Software Provider to Open South Bay Office to Better Serve L.A.'s Growing E-commerce Activities
EL SEGUNDO, Calif.--(BUSINESS WIRE)--Nov. 9, 2000-- Continental Grand Plaza II, a joint development of Summit Commercial Properties and Mack-Cali Realty Corporation (NYSE:CLI - news), has signed BroadVision, Inc. to a seven-year, $5 million lease for 22,500 square feet, bringing El Segundo's newest Class A office space to 100 percent leased.
The renowned e-commerce software company will open its South Bay satellite office, complete with full training facilities and space for up to 75 employees, in January 2001.
"When we purchased the first phase of Continental Grand Plaza nearly ten years ago and began building the second phase in 1998, few developers saw the enormous potential of this market,'' noted Jack Mahoney, president of Summit Commercial Properties. "Now the rents are approaching $3 per square foot and the same spaces occupied by aerospace and defense companies decades ago are seeing new life with high-tech tenants like BroadVision and new economy industries, such as telecommunications, new media and electronics.''
With BroadVision, the six-story, 240,000-square-foot Continental Grand Plaza II is fully leased to internationally-known companies such as Boeing Satellite Systems, Regus Business Centres, Sierra Systems, Xpedior and Lexmark. The building was the first project of a development partnership formed by Summit Commercial Properties and Mack-Cali Realty Corporation, a leading real estate investment trust based in New Jersey.
"Continental Grand Plaza stands out among other office environments in the South Bay because of its professional ambiance and well-designed space,'' noted Ken Lilley, vice president of sales for BroadVision's Southern California offices. "We were particularly attracted by its convenient geographical location, close to amenities such as shops and restaurants as well as Los Angeles International Airport.''
Grafton Tanquary of CB Richard Ellis represented Summit Commercial Properties in the lease; Roy Longman and Joseph Sciolla of CRESA represented BroadVision.
BroadVision (Nasdaq:BVSN - news; Neuer Markt:BDN) develops and delivers an integrated suite of packaged applications for conducting e-commerce interactions and transactions. Global enterprises and government entities use these applications to sell, buy and exchange information over the Web and on wireless devices. The BroadVision e-commerce application suite enables a corporation to become more competitive and profitable by establishing and sustaining high-yield relationships with customers, suppliers and employees. BroadVision services professionals, supported by over 100 partner organizations worldwide, transform these applications into business value for customers through consulting, education, and support services in more than 34 countries.
BroadVision -- founded in 1993, public since 1996, profitable since 1998 -- has over 1,000 customers. IDC ranks BroadVision as the world's leading provider of e-commerce software applications (International Data Corp., E-Commerce Software Applications Market Forecast and Analysis, 2000-2004). BroadVision is headquartered in Redwood City, California and can be reached at 650/261-5100 or firstname.lastname@example.org.
About Summit Commercial
Summit Commercial is an affiliate of Highridge Partners (www.highridgepartners.com), one of the nation's most successful and respected real estate companies. Headquartered in Los Angeles with Northern California offices in Sacramento, the company has acquired, developed and managed a real estate portfolio valued at more than $3 billion in the past decade. Summit is one of California's leading commercial developers with more than $400 million of office, mixed-use R&D and industrial properties underway throughout the state.
New Jersey-based Mack-Cali Realty Corporation (www.mack-cali.com) is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its Class A real estate portfolio. Mack-Cali owns or has interests in 268 properties, primarily office and office/flex buildings, totaling approximately 28.5 million square feet and serving over 2,400 tenants. The properties are located in 12 states and the District of Columbia.